LongHOGJul 2026
Harley-Davidson, Inc.
Aegis purchased Harley-Davidson at multi-year lows and at a price well below book value. The fund believes the company has a valuable century-old American brand but needs…
Aegis Value Fund
Concentrated small-cap deep-value equity investing focused on out-of-favor businesses trading at substantial discounts to intrinsic and replacement value, with emphasis on cash flow, hard assets, balance-sheet discipline and insider alignment.$1.1B AUM8 published ideas
Aegis Value Fund is a contrarian value strategy managed by Aegis Financial Corporation. The portfolio emphasizes deeply discounted businesses, particularly in energy, precious metals and other hard-asset sectors, while seeking company-specific catalysts and strong cash-flow generation. The fund also looks for management teams with meaningful insider ownership and disciplined capital allocation.
Ideas from Aegis Value Fund
LongCVE.TOJul 2026
Cenovus Energy Inc.
Cenovus benefited from stronger oil prices, higher refinery crack margins and the successful integration of MEG Energy. The acquisition added the neighboring Christina Lake…
LongEQX.TOJul 2026
Equinox Gold Corp.
Equinox shares weakened as gold corrected and investors reacted negatively to the all-stock merger with Orla Mining. Aegis believes the combination has strategic merit by adding…
LongRDNJul 2026
Radian Group Inc.
Radian was Aegis's largest purchase in the first half, acquired at roughly book value and about 7-8 times earnings. The fund sees that valuation as unusually low given Radian's…
LongRLJJul 2026
RLJ Lodging Trust
Aegis continued building its RLJ Lodging Trust position during the first half. The hotel REITs in the portfolio were trading at steep discounts to replacement cost while the fund…
LongPKJul 2026
Park Hotels & Resorts Inc.
Aegis initiated Park Hotels & Resorts as part of a broader hotel REIT opportunity. The fund believes hotel REITs were trading at steep discounts to replacement cost ahead of a…
LongCLDTJul 2026
Chatham Lodging Trust
Chatham Lodging Trust complements Aegis's other hotel REIT holdings and was established late in the prior year. Aegis views hotel REITs as discounted relative to replacement cost…
LongJET2.LJul 2026
Jet2 plc
Aegis bought Jet2 at a modest valuation relative to tangible book value and earnings. The company is the UK's largest package-holiday operator, has a loyal customer base and was…
Letters covered
- Portfolio Manager's Letter 1st Half Ended June 30, 2026July 28, 2026
Source PDFs are not republished here; only extracted ideas and quotes.